This morning’s papers lead with the much-anticipated announcement of the approval of the Stand-By agreement between the IMF and the Dominican government. The government and the Central Bank announced the news yesterday evening, heralding it as a “vote of confidence in the country’s economic recovery”. Presidential office technical secretary Juan Temistocles Montas said that the 28-month agreement would enable the authorities to stabilize the macro-economy over the next two years. Finance Minister Vicente Bengoa tried to allay fears that the agreement would mean more sacrifices for ordinary Dominicans. He said that all the restrictive measures, like the increase in VAT (ITBIS) from 12% – 16% had already been implemented, and that the country would benefit from increased trade and investment as a result of the agreement. The first disbursement of US$77.12 million will be paid today. By the end of the 28-month period, the country will have received a total of US$670 million.